What concept refers to the quality of life influenced by the ownership of necessities and luxuries?

The concept that refers to the quality of life influenced by the ownership of necessities and luxuries is known as the standard of living. This term encompasses not just the basic amenities required for survival, such as food, clothing, and shelter, but also the additional comforts and conveniences that contribute to an individual's overall quality of life. These can include access to healthcare, education, and leisure activities.

The standard of living is often measured using various indicators, such as income levels, employment rates, and access to essential services, as well as the availability and ownership of luxury items. A higher standard of living typically indicates better economic conditions and a greater ability to afford both necessities and luxuries, leading to a more comfortable and fulfilling lifestyle. In contrast, other concepts like productivity focus more on the efficiency of producing goods and services, market power relates to the control over prices and availability in a market context, and public goods and services address societal provisions that are available to all, regardless of individual ownership. Each of these concepts interacts with the ability to enhance or detract from an individual’s standard of living but does not define it directly in the same way.